The global program seeks innovative tech startups, especially those in proximity to Europe, Northern Africa, the Middle East, Central and Eastern Europe, with a mission to revolutionize regular migration processes. 

These innovations should benefit migrants, businesses, and governments, including addressing climate-induced migration challenges and supporting green transitions with migrant workforces.

The Migration Challenge aims to bridge the gap between the tech startup ecosystem and the Global Forum on Migration and Development (GFMD) stakeholders. This initiative has a track record of discovering sustainable and scalable solutions to migration governance challenges while providing promising startups with a platform to accelerate their growth.

Benefits

The Migration Challenge will select 20 innovative solutions, with 10 finalists having the opportunity to pitch their ideas at the GFMD Summit in Geneva on January 23-25, 2024. 

The winner and two runners-up will receive mentorship from the Seedstars Mentorship Hub, helping them overcome core business challenges, enhance fundraising efforts, and scale their processes. Additionally, the Challenge winner will be awarded a prize of 5,000 Swiss Francs from IOE.

“We are eager to see the transformative solutions this edition will bring. Our collaboration with IOE in the past editions has always paved the way for groundbreaking innovations in the migration sector,” remarks Elizabeth Jones, the Head of Programs at Seedstars.

IOE Secretary General Roberto Suarez-Santos remarks, “Migration is a multifaceted international challenge and with Seedstars, we are steadfast in our commitment to leverage technology for transformative impact that will catalyse positive change for labour migrants, business communities and governments. We look forward to the impactful solutions the fourth edition will unveil.” 

Eligibility

To participate in this fourth edition, startups must meet the following criteria:

1. Focus on Mobility and Services: Startups should concentrate on mobility and services tailored for businesses or governments in the realm of labor migration.
2. Minimum Viable Product: Participants must have a tested minimum viable product with initial traction, showcasing the viability and potential impact of their solution.
3. Business or Government Target: Solutions should be designed for businesses or governments, which means they can be B2B (Business to Business) or B2G (Business to Government).

How to Apply

Startups interested in being part of this transformative challenge can submit their applications until October 6, 2023, by visiting the website. Grab the chance to shape the future of migration processes and be recognized for your innovation.

Recognizing this issue, Seedstars, a global startup community and investment platform, has launched the Financial Innovations for Women Affected by Migration (FIWAM) Growth Program. 

This initiative aims to identify and support fintech companies that are dedicated to promoting financial inclusion for women migrants and women affected by migration across Asia, MENA, and Sub-Saharan Africa.

The program is funded by the Impact-Linked Fund for Gender Inclusive FinTech (ILF for GIF), managed by the Impact-Linked Finance Fund (ILFF) and supported by the Swiss Agency for Development and Cooperation, as well as the Austrian Development Agency, the operational unit of Austrian Development Cooperation. 

The ILF for GIF has partnered with Seedstars to foster improved access and utilization of financial products and services for women affected by migration.

The recent report by Village Capital, “Catalyzing Financial Inclusion: Gender-Inclusive Fintech Solutions for Migrants,”  cites that there are over 281 million international migrants and over 55 million internally displaced persons globally. These numbers continue to rise with protracted conflict, the effects of climate change, and increasing poverty levels worldwide.  

There is a growing need to improve the financial inclusion of migrants, especially women migrants who face even more barriers in accessing financial services such as legislative constraints, documentation deficiencies, language barriers, cultural differences, and limited mobility. 

Benefits 

The FIWAM Growth Program offers numerous benefits for selected fintech startups. These include:

• Enhancing financial inclusion for migrant women and their families in Asia, MENA, and Sub-Saharan Africa
• Technical assistance to help fintech startups attain investment potential and scale their impact.
• Direct support from experts in residence (EIR) and mentors, who bring regional expertise and guidance.
• Three months of dedicated support, allowing fintech startups to refine their solutions and strategies.  
• Each cohort of 10-15 fintechs per region will also receive direct support from experts in residence (EIR) and mentors drawn from their respective regions, over a period of three months. 

Eligibility 

The FIWAM Growth Program is accepting applications from startups that meet the following criteria:

• Must be a for-profit entity and have operations in a Sub-Saharan African / MENA / Asian country
• Provide a fintech solution that already serves or has the potential to serve women migrants or women affected by migration
• Have product market fit, be at growth stage, and generating monthly revenue of ±$10K
• Woman-led companies as well as founders who are women migrants are highly encouraged to apply

Susanne Thiard-Laforet, Program Manager Private Sector & Development, Austrian Development Agency stated, “We’re eager to collaborate with Seedstars in this pivotal initiative to enhance access and utilization of financial services for women impacted by migration, encompassing not only migrants themselves but also their families and host communities. 

This program transcends mere acceleration; it is a catalyst for meaningful change, dismantling barriers and biases in order to recognize migrant groups, especially women, as a viable market segment. We are looking forward to supporting and learning from the innovative solutions that will be developed through this program, and the impactful strides they will make in fostering financial inclusion.”

Commenting on the launch of the program, Elizabeth Jones, Global Lead Program Operations of Seedstars said, “We’re thrilled to launch the Financial Innovations for Women Affected by Migration (FIWAM) Growth Program, as it has the potential to create a lasting impact on the lives of women migrants and women affected by migration. We’re eager to witness the transformative financial inclusion these innovative solutions will bring about in their communities.”

How to apply

Interested fintech startups are encouraged to apply before July 30, 2023 by visiting the FIWAM Growth Program website. For more information about the program, its benefits, and selection criteria, please visit the website.